Ron Baron

Ron Baron

Last Update: 2014-03-10

Number of Stocks: 347
Number of New Stocks: 47

Total Value: $24,118 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201347.6331.5516.1
201216.415.41.0
2011-5.742.08-7.8
3-Year Cumulative62 (17.4%/year)55 (15.7%/year)7 (1.7%/year)
201031.5215.0616.5
200928.226.461.7
5-Year Cumulative173.1 (22.3%/year)125.5 (17.7%/year)47.6 (4.6%/year)
2008-46.67-37-9.7
200711.345.615.7
200621.5515.795.8
200514.374.919.5
200442.351230.3
10-Year Cumulative220.9 (12.4%/year)104.1 (7.4%/year)116.8 (5%/year)
200334.9528.76.2
2002-18.07-22.14.0
2001-15.71-11.9-3.8
20004.82-9.113.9
199918.4221-2.6
15-Year Cumulative271.2 (9.1%/year)98.3 (4.7%/year)172.9 (4.4%/year)
199811.6828.6-16.9
199749.8833.416.5
199616.1323-6.9
199536.9437.6-0.7
19944.761.33.5
20-Year Cumulative935.2 (12.4%/year)483.2 (9.2%/year)452 (3.2%/year)
199328.7810.118.7
199216.837.69.2

Top Ranked Articles

Ron Baron Suggests The Stock Market Could Be Setting Up for An Epic Run
Against my better judgement I caught a little bit of CNBC this morning. But to my surprise they had Ron Baron on for an extended interview. Imagine a financial network speaking to an investor who invests based on how the stock market values a business in relation to how that business is going to perform over the next five years! Read more...
Ron Baron on AECOM Technology, Carrizo Oil & Gas, LKQ (LKQX), Allegiant Travel and Macquarie Infrastructure Company
Ron Baron invests in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. These are the commentaries excerpted from his fund's quarterly report. Related companies: AECOM Technology (ACM), Carrizo Oil & Gas (CRZO), LKQ (LKQX), Allegiant Travel (ALGT) and Macquarie Infrastructure Company (MIC). Read more...
That Baron Conference
The Baron Funds’ yearly extravaganza on Oct. 24 had almost been cancelled this year--because the markets are so far down, because the Baron funds are so far down. Read more...
Ron Baron Likes Layne Christensen, Ritchie Brothers Auctioneers, Bankrate and China Nepstar
If you are looking for small cap growth companies, you should certainly look at what Ron Baron is buying. Baron invests in growth companies using a value-oriented purchase discipline, a lot like what Peter Lynch was doing. One issue with tracking Ron Baron was that at the time when we report, the stock prices have gone up. It is not the case this time. Read more...
Ron Baron on C.H. Robinson Worldwide, Inc., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc.
Ron Baron likes to buy companies that have long term growth potential. He used to supply research reports to Peter Lynch. If you want someone who has Peter Lynch's style of investing, Ron Baron is the closest. These are the commentaries of his firm on C.H. Robinson Worldwide, Inc., Tiffany & Co., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc. C.H. Robinson Worldwide, Inc. (CHRW) Read more...
» More Ron Baron Articles

Commentaries and Stories

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5-year lows: Coeur Mining Inc, National Bank Holdings Corp, PlyGem Holdings Inc, and Ruckus Wireless Inc.
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Coeur Mining Inc, National Bank Holdings Corp, PlyGem Holdings Inc, and Ruckus Wireless Inc. More...

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Baron Funds Spring Newsletter - Finding Growth Opportunities in Large Cap Stocks
In late 2011, Alex Umansky joined Baron to take over management of the Baron Fifth Avenue Growth Fund. We are pleased to report that since then, the Fund has significantly outperformed its benchmarks. We thought it would be a good time to provide an update on the portfolio, our strategy, and our outlook for Large Cap stocks. More...

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A Cinema Experience Worth Investing In
Going to the movies is a fun activity, but Imax Corporation (IMAX) has established a new gold-standard for large screen films over the past decades, with its high resolution and fidelity sound. Its immersive experience for filmgoers has helped the company earn a niche spot in the vastly conventional cinema market and so far success was a no-brainer. In fact, the IMAX branded theatres generate a per-screen average of over $1 million gross, due to premium pricing and quality advantages. Since investment gurus Ron Baron (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) bought the company’s shares last quarter, I decided to look a little deeper into this firm’s business model. More...

CINEMA,LEISURE,MOVIES,FILM,IMAX,THEATRE,CHRISTOPHER NOLAN,BLOCKBUSTERS


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Baron Funds Comments on Del Frisco's Restaurant Group
Del Frisco's Restaurant Group, Inc. (DFRG) is an operator of 46 fine dining steakhouse restaurants under three brands (Del Frisco's Double Eagle, Del Frisco's Grille and Sullivan's). These include the highest volume restaurant in all of New York City (the Del Frisco's Double Eagle steakhouse on Sixth Avenue in midtown Manhattan does about $37 million in annual sales!) The menu at Del Frisco's looks like a typical steakhouse menu (steaks, seafood and an extensive wine list) but the food is phenomenal. In fact, it is our favorite steakhouse in New York (and if you go we would highly recommend the bone-in rib eye). We are most excited about the company's growth concepts, Del Frisco's Double Eagle Steakhouse and Del Frisco's Grille. The Del Frisco's Grille concept is the newest concept and as the name suggests, it is a more casual version of the flagship Double Eagle restaurant. The Grilles are open for lunch (unlike most of the Double Eagles) and they attract more female guests, extending Del Frisco's demographic. More...

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Baron Funds Comments on Ascent Capital Group
Ascent Capital Group, Inc. (ASCMA) is the second largest residential alarm monitoring company in the U.S. behind ADT. It has over 1 million subscribers in all 50 states, DC, Puerto Rico and Canada. Accounts are 95% residential and 5% small business. Ascent has a monitoring center in Dallas (which has won Five Diamond Certified status, which fewer than 5% of central stations achieve) with a backup in McKinney, TX. It features cellular transmission options, as well as technology to provide some next- generation services, such as remote arm/disarm. The company runs on an "asset light" model, which means that it only does monitoring, not installation or customer service. For the latter, it relies on its pre-qualified nationwide network of dealers from which Ascent buys new accounts (using its free cash flow). Its customers are of very high quality with FICO scores averaging 720. The industry is incredibly fragmented, and we believe that Ascent has only 4% of overall subscribers in an industry which itself is only 20% penetrated into U.S. households. The long customer life (8-9 years), combined with a high return on investment provides a significant stream of free cash flow to the company More...

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Baron Funds Comments on Pacira Pharmaceuticals
Pacira Pharmaceuticals, Inc. (PCRX) is a vertically integrated (IP to manufacturing) pharmaceutical company. Its main line of business is the sale of a drug called EXPAREL, which was approved by the FDA in October 2011 and launched in the U.S. in April 2012. EXPAREL is a pain control drug (using slow release bupivacaine) injected directly into the wound/cut site during a surgical procedure, prior to closing the incision. It is also being studied for use as a nerve block agent for additional procedures. Bupivacaine is a well-known drug that has been used for decades during surgery. Its safety profile is well understood. The key advantage of EXPAREL over generic bupivacaine is that it incorporates a proprietary time-release "wrapper" called DepoFoam that lets the pain relief delivered by bupivacaine last for up to three days post-surgery. This enables reduced usage of dangerous opiates and other treatments, such as pain balls. In the end, we believe that based on clinical studies, EXPAREL is cheaper, safer and more effective than current pain management practices. We believe that EXPAREL has significant IP protection and has limited potential competitors. More...

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Baron Funds Commentary - Energy Investing Is Really NOT a Commodity Story
By Baron Funds Portfolio Manager Jamie Stone More...

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Baron Funds Comments on Xoom Corporation
Xoom Corporation (XOOM), a money transfer service provider, was down 14.5% in the quarter. While the company reported solid third quarter earnings results, it issued guidance for the fourth quarter that was disappointing. Investors were also concerned that Typhoon Haiyan would impact transaction volumes in the Philippines, which is one of Xoom's highest volume markets. We believe Xoom has a large opportunity in online money transfer and ultimately can continue to take share from its bigger competitors. More...

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Baron Funds Comments on Ellie Mae Inc.
Ellie Mae, Inc. (ELLI), the provider of cloud based software services to the mortgage industry, stumbled badly after the mortgage market was softer than expected. We sold the position (at a 27% loss) after we realized that the correlation of its revenues to mortgage volumes was much higher than we had originally modeled. More...

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Baron Funds Comments on Foundation Medicine Inc.
Foundation Medicine, Inc. (FMI), a provider of high end genetic oncology testing and informatics, was hurt by 33% during the quarter after investors grew concerned over reimbursement for its tests. Certain competitor tests were cut substantially by CMS (which determines Medicare pricing, and which in many cases is followed by private payers). However, the competitor tests provide testing for only a handful of genes and other markers, while Foundation's tests provide for hundreds at only about twice the price. The additional markers provided in Foundation's tests allow oncologists to determine whether there might be other disease pathways at work in a patient's cancer, which allows better targeting of therapy (costing orders of magnitude more per year than the testing). We continue to believe that Foundation will establish itself as a share leader, and that it has many years of growth ahead. More...

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Baron Funds Comments on BioScrip Inc.
BioScrip, Inc. (BIOS), an operator of infusion therapy pharmacies, fell 16.5% for the Fund in the quarter. While the company continues to execute its strategy of consolidating the infusion services industry, it stumbled after a non-core legacy business performed worse than expected. While the miscue is not dire for the company, it hurt management's credibility after it had to reset guidance. We continue to believe there is substantial value and growth in the core infusion business, and that this has been validated by CVS's purchase in December of the number two player in the space, Coram, for a very high multiple of cash flow. More...

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Baron Funds Comments on RigNet Inc.
RigNet, Inc. (RNET) a provider of telecommunication services to the oil and gas industry, was up 29% in the quarter. The company benefitted from two events. First, the company announced its intent to acquire Inmarsat's Energy Broadband business. We believe that this acquisition will be highly accretive for RigNet and that RigNet can significantly improve margins in the first couple of years of operations. The second event that benefitted the company was the acquisition by KKR of a 27% stake from Cubera (both KKR and Cubera are private equity firms). The possibility for Cubera to exit via a secondary stock sale had been an overhang on the stock, so this transaction removed that issue. More...

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Baron Funds Comments on Spectranetics Corporation
The Spectranetics Corporation (SPNC) is a manufacturer of medical devices that assist in the treatment of peripheral arterial disease and also with the removal of coronary leads used for implanted devices such as pacemakers and defibrillators. Shares were up 46% in the quarter. Most of the company's devices use disposable products that lead to a highly recurring revenue stream. The company is on the verge of opening up large new markets with the expected 2014 approval of a new laser based device that can open up arteries that have previously been stented. If approved, it will be the only device on the market that has this capability. More...

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Baron Funds Comments on Barracuda Networks Inc.
Barracuda Networks, Inc. (CUDA) is a provider of cloud based security solutions to small and medium-sized businesses. Shares were up 122.5% in the period after a successful IPO. Typical Barracuda products include email, spam and malware protection. The company's revenue is largely recurring as it is subscription based, and Barracuda is in the midst of rolling out new storage products with higher ASP's than its current offerings. While the company went public in the quarter, we've known it for quite some time as it is a player in the network security space which we follow closely. More...

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Baron Funds Comments on voxeljet AG
voxeljet AG (VJET), a manufacturer of 3D printing equipment and provider of printing services, was an extreme performer in the period, gaining 267%.We purchased our investment at the time of voxeljet's IPO, but after the gain, we sold the investment because we could no longer justify the valuation even factoring in what we believe is a large market opportunity. We continue to follow the company and the 3D printing industry closely and would potentially re-invest at more reasonable valuations. More...

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Baron Funds Comments on Tesoro Logistics
Tesoro Logistics LP (TLLP) is a refiner and marketer of petroleum products. We view Tesoro's weak performance in the fourth quarter as mainly technical, since several peers made their debuts through IPOs and Tesoro's position in the AMZ index was rebalanced again, leading to some selling pressure. We continue to see significant cash flow growth for Tesoro over the next two to three years and believe in management's ability to develop and buy accretive assets. We see the current valuation gap between Tesoro and its peers as too wide. More...

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Baron Funds Comments on Flotek Industries
Flotek Industries, Inc. (FTK) is primarily a supplier of specialty chemicals and directional drilling tools to the oil industry. Its products are principally used to enhance the productivity of unconventional resources and horizontal drilling operations. Flotek's shares pulled back in the quarter following flooding in Colorado and storms in Texas, which caused near-term earnings concerns. We continue to like Flotek's growth potential and we have been using the weakness to add to positions. More...

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Baron Funds Comments on Bonanza Creek Energy
Bonanza Creek Energy, Inc. (BCEI) is an independent exploration & production company focused on the Niobrara Shale play in northeast Colorado. Bonanza shares rose to new highs in October and the company posted better than expected third quarter results, but its shares still slumped into year-end. Bonanza appears to have responded well to weather-related challenges and appears to be on track for another strong year of growth in 2014. However, investor concerns about Rockies oil price differentials due to infrastructure constraints may have weighed on the share price. More...

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Baron Funds Comments on Cobalt International Energy
Cobalt International Energy, Inc. (CIE) is an offshore, deepwater-focused exploration and development company. The company has an active exploration program in the Gulf of Mexico and west coast of Africa. Its shares have been hurt over the last several months by a series of well results that were either completely unsuccessful or less successful than investors had anticipated. The company still has an attractive base of discovered resources and a deep inventory of undrilled prospects providing for long- term upside potential. More...

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Baron Funds Comments on Chart Industries Inc.
After almost doubling in the first nine months of 2013, shares of Chart Industries, Inc. (GTLS) pulled back after third quarter results came in below expectations and management cut its 2013 guidance. Although timing of short term billings of large projects contributed to the shortfall, long term indicators such as backlog continued to show strength. We continue to see liquid natural gas increasing its share of global energy consumption and view Chart as a direct beneficiary, given its industry leading position in storage, distribution, chemicals, energy and biomed gases. More...

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User Comments

Francesca turner
ReplyFrancesca turner - 3 weeks ago
why is illumina performing so badly and do you still own it?

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